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Johnson Controls posts 3 percent rise in third-quarter profit

By Gary Haber

Updated:
07/18/2014 12:31:52 PM EDT

Johnson Controls said Friday that revenue rose 3 percent in its fiscal 2014 third quarter.

The Milwaukee-based manufacturer of automotive parts and heating, ventilation and air condition systems reported $10.8 billion in revenue for the three months ended June 30, up from $10.5 billion in fiscal 2013.

But the company's net income fell 65 percent on restructuring charges and other one-time items. It posted net income of $196 million, or 26 cents a share, for the quarter, down from $572 million, or 80 cents a share, in the year-ago quarter.

Excluding restructuring charges and non-recurring items, the company posted earnings from continuing operations of 84 cents a share, up from 72 cents in the year-ago quarter. That topped the expectation of analysts who forecast the company would earn 83 cents a share for the quarter.

Revenue at the company's Building Efficiency segment, which includes its York air conditioning unit, fell 3 percent to $306 million on fewer orders. However, the company said it began to see increased demand for its HVAC systems from non-residential customers toward the end of the quarter.

Johnson Controls said it expects to earn between $1.00 and $1.02 a share from continuing operations in the fourth quarter.

Johnson Controls operates a manufacturing facility in Spring Garden Township and plans to build a testing and business support center in Hopewell Township.

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